Still renting age 54

[LilyAnn13]

Does anyone else still rent?

I hate that I am paying dead money, but I´ve never been in a position to buy.

I grew up poor and whilst I am in a good job now, and have managed to save a little money, I have never had inheritance or bank of mum and dad to rely on.

I hate that I don´t have a property as a future pension, and wonder if anyone else is in this same predicament....?

I´m 54 years old and it´s hard to hear your young colleagues talking about a property they`ve just bought and money they are spending on decorating or renovating it.

😕

My friend rented till 56 and just got a shared ownership flat through a scheme where developers have to sell a percentage of their apartment blocks to locals at reasonable prices/fair SO deals. She also looked at various schemes for over-55s that were more affordable purchases than on the general market. These might not be viable for you/in your area, but just mentioning it in a 'you never know' way as she never expected to be able to buy her own place, esp so far into her 50s. Before that, she rented rooms in shared houses with younger flatmates so didn't even have a whole place on her own as a renter. I know a few people who still rent in their 50s in London and will never be able to buy unless they move somewhere much, much cheaper, which some may do while others are used to it and would rather rent here than buy somewhere else. Renting for life seems more normal in some countries so for people from there, there's less expectation of buying your own place and some benefit to not being tied to a property.

Apply for social housing - you're higher up the priority list when you're over 55. And the rules for existing savings etc are different too. Seek housing advice from your LA or a local housing charity/housing association.

I think many in the UK are over invested in home ownership. It might be right for some, but not all. In many other countries large parts of the population choose to live in rented homes because it is no more expensive than owning and can be much more flexible especially for those who may make several moves for career reasons.

For me, the most important question is whether you as a renter have security of tenure. IF you have that (ie you are renting from a housing association, LA or a large professional landlord with multiple properties) you are in a good position.

You are not paying dead money. You are paying for a roof over your head, and property maintenance (usually the equivalent of several thousand per year). If you have a competent landlord they should do all the admin etc on this which is worth a lot in terms of peace of mind. You are not paying a fortune (often £100000s over 25 years) in interest payments to a mortgage provider

No house, privately owned or not, is going to be “a future pension” because you will be living in it. Renting gives you the option to upsize, downsize and relocate as you see fit.

I know people who exercised their right to buy back in the day and are now faced with massive maintenance bills - especially on older properties in blocks still owned by the LA. On paper, the homes may be worth a fortune but it does not feel like that to those living there. They may also find that any equity they have is eventually eaten up by care home fees and/or IHT.

I know that many UK rentals do not meet the criteria for decent quality/secure tenure but there is nothing intrinsically wrong with renting.

Yes still renting here at 53. We did own our own property 25 years ago, sold it and moved countries, decided to rent until we found the right house.
Life happened, I became chronically ill, both our children had additional needs. I became a SAHM to look after the children, my DH left his job and became self employed so he has flexibility to help me and the kids.
We're very lucky we've had a wonderful long term rental but we do wonder what the future holds.
Interesting about social housing being an option for over 55s, good to know!!

I'm 40, and unless I win the lottery- which as I don't play it - or my parents do and leave me it in inheritance, I will never be able to buy.

It sucks, but I've accepted it, and hope that when we are 55 or whatever, we will be able to get a council property. If not, tough, we are stuck private renting.

I agree with this. A lot won't I know. 56 and still renting. I have no interest in buying anyway

I'm also 54 and renting. It's so depressing isn't it. I worry about what will happen when I retire x

OP you’ve stated ‘you grew up poor’ many people own homes without the bank of mum and dad, you have a good paying job now so the question is what did you spend your money on from early 20s to now - just because you grew up poor does not mean you will remain poor and I state that as someone who grew up very poor

52 and have a lifetime social housing tenancy, which give me a different range of options and flexibility to home ownership.

I don’t want to own my house or any other. To me, houses are homes and not financial vehicles/instruments.

I have a good salary and my housing arrangement allows me to:
enjoy family holiday abroad twice a year
change car without finance every few years
put three children through private school
build healthy savings
renovate home to own taste at own cost
pay for dc driving lessons and car each
enjoy family time and experiences

So, through my choice not to own a house/home, I feel that I’ve been able to benefit in so many ways and enjoy life without the stress of mortgage payments, interest rates, house maintenance, etc. I appreciate that others make different choices, but I’m honestly not bothered about over-focussing on ownership. I have also seen the stress of friends and family who do own their own homes, and quite honestly, I wouldn’t trade theirs for mine.

How do you qualify for social housing when you have the disposable income to pay for all the stuff noted above?

I joined the housing list in my area many years ago at a time when it was not restricted only to homeless and vulnerable people. My circumstances were slightly different then in terms of my income, but I was fortunate enough to be offered a house. I know things have changed a lot since then, and I understand why.

A lifetime tenancy is exactly that, and not reassessed.

And that’s the issue. You don’t need social housing now, you have the income to pay market rate rent or get a mortgage. The social housing stock is not being replenished due to arrangements like your own. No wonder there is a housing crisis.

There wasn't a housing crisis when there was a lot of social housing and people had tenancies for life

It's the amount of social / council homes available that is the problem, not life long tenancies

The push to build houses should be focussed on social / council not private

Decent council homes at sensible rents knocks the private rents back , knocks house prices back, knocks nursery and care home costs back - basically all the really big costs we face are a direct result of the council house giveaways of the 1980s and we need to fix the problems at source not tinker round the edges of a failed market

Absolutely this!

I hear you, but disagree - we have different priorities, that’s all.

Home ownership isn’t compulsory, and I’m always bemused by the obsession and expectation that those who can afford to buy are expected to. Very strange thinking, in my view.

yes it's super weird to want to guarantee a roof over your head, especially in old age, and to put your money in an investment with a good return. instead you should set fire to your cash and live in a box on the street.

Social housing is not there to support people so they can pay for private school, numerous holidays a year and a new car every two years.

I don’t believe I said home owning in compulsory but be bemused all you like if you think those with high levels of disposable income should be in social housing when many people on low income cannot afford to put a roof over their families heads.

Do you not understand that a lifetime tenancy means I won’t live in a box on the street?

Why do we never look at this another way? People on low income also struggle to afford the cost of private rental.

Why don’t those who own more than one house sell them at equivalent purchase price, so those on low incomes - and want to - can afford to buy or rent a home?

Huge investment in decent social housing in the post war period lifted so many people from poor health and poverty

But now we head back that way - because there is no where near enough to ensure everyone can live in a warm safe secure home - it's simplistic to think you should just force people to buy a house if they have over a certain income to solve the problem - it's head in the sand - to make the property market work you must provide an alternative or you get ( as with any uncompetitive environment ) ripped off - doesn't matter that's is a society not a single company - the lack of alternative housing creates a failed market that is costing us all dearly

In your situation yes, you have that luxury because you benefited from this years ago. This is why life long tenancies are not sustainable and are very rare now. From what you have said, technically, you don’t need social housing now, you can support yourself but you are in a house that would have been assigned to a different family in need if said tenancy agreement was not in place.

Absolutely agree with you on low income households struggling to pay, too many private LLs operating in unscrupulous ways, more regulation is needed on rent increases, it should be capped.

As my parents are finding out, even if you can buy your house, in all likelihood you will lose it again to pay for a care home.

My in-laws rented a council house until my FiL passed two years ago. His wife still rents a bungalow from the council, in a scheme specifically for older people, though I forget the name of it now. In other countries as PP have said, renting isn't unusual and in some places, the norm. Housing is really Fudged Up in the UK.

This is what needs to change. It should be means tested! It’s totally immoral that you’re guaranteed a cheaper living arrangement, courtesy of the rest of us, whilst enjoying so many luxuries that many of us can’t afford.

I get people play the system where they can, but the system needs to change.

I couldn't agree more. Something definitely needs to change. God knows what I'll do when I retire. No rich parents, no savings, no partner.